What is the threshold limit of balance sheet for Furniture and Appliances Trader & Stores?

By | August 30, 2023

Balance sheet for Furniture and AppliancesBalance sheet for Furniture and Appliances

 

The threshold limit of balance sheet for Furniture and Appliances: Trader & Stores in India is 2 crores.

This means that any business in this sector with a balance sheet total of more than 2 crores is required to be registered under the Companies Act, 2013.

The threshold limit for different types of businesses is as follows:

  1. Manufacturing: 1 crore
  2. Trading: 2 crores
  3. Services: 40 lakhs
  4. Construction: 1 crore
  5. Hotels and restaurants: 40 lakhs

If a business exceeds the threshold limit Balance sheet for Furniture and appliances, it must file annual returns and financial statements with the Registrar of Companies (RoC). It must also appoint a company secretary and an auditor.

To visit: https://www.mca.gov.in/

 

Here are some of the benefits of registering a company under the Companies Act, 2013:

1. Limited liability:

The liability of the shareholders is limited to the amount of their investment in the company.

2. Perpetual succession:

The company continues to exist even if some of the shareholders die or exit the company.

3. Transferability of shares:

Shares of a company can be freely transferred to other parties.

4. Raising of capital:

It is easier for a company to raise capital from the public.

5. Access to government contracts:

Only registered companies can bid for government contracts.

 

For further details access our website: https://vibrantfinserv.com

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